Jupiter sees £20m wiped off its Jarvis shareholding

By

Stephen Foley

June 28, 1999 5:00 p.m. GMT

Jupiter Asset Management has seen more than £20m (E32m) wiped off the value of its investments in engineering and construction company Jarvis in just one week, a matter of weeks after upping its stake in the company.

Jupiter owns a 9% stake in Jarvis, worth £60m at the start of last week, and £39m when markets closed on Friday. At the end of April it owned 7% of the company, a stake then worth £49m. The share price collapsed on Tuesday after Jarvis released half-year results showing a 41% drop in profits.